Market supply and demand of plastic fluid pipes for automobiles: The amount of fluid pipes used by single automobile is relatively stable, and the overall market size, growth rate and value change are directly related to the development trend of the automobile market. With the development of new materials and technologies, for example, the power system pipeline of China VI will adopt pipes and accessories with larger specifications and higher values due to emission, conductivity and other requirements. The traditional hydraulic power steering system has been largely replaced by electric power steering system driven by motor, and the hydraulic pipes on the steering system tend to disappear. With the improvement of the performance of high-performance special plastics, the plastic pipes with lower cost, easier processing and lighter weight are expected to even replace the metal/rubber composite pipes at the high pressure end of automobile air conditioners.

Analysis on the Application of Various Materials of Pipeline in Automobile

Although the domestic automobile production will decline in 2018-2020, there is still much room for improvement in the domestic automobile ownership compared with developed countries. It is estimated that the future automobile production and sales in China will still have a broad development prospect. Assuming that China's future auto production is conservatively estimated based on the predicted growth rate of global auto production, the changes in China's future auto production are predicted as follows:

Forecast of China's automobile production from 2021-2022

Unit: 10000 vehicles

Data statistics: CICC Enterprise Credit International Consulting

On the basis of vehicle output, the fluid pipeline market scale can be predicted from the dimension of single vehicle usage. According to the market research data of Zhongjin Qixin, at present, the average length of various plastic fluid pipelines for a single vehicle is about 25 meters, and the average total value of a single vehicle is about 440 yuan. According to the data released by the Automobile Industry Association, the total output of automobiles in China will be 25.22 million in 2020. Based on this calculation, the total use scale of pipelines is about 631 million meters, and the market scale is about 11.097 billion yuan.

(2) Analysis of market competition pattern:

a. International market competition pattern: European and American component manufacturers have always occupied the leading position in the world. At present, automotive plastic fluid pipeline manufacturers are mainly concentrated in Europe, the United States and East Asia. The international enterprises engaged in the production of plastic fluid pipes for automobiles mainly include TI Bondi, American Cooper Standard, German Norma, etc. TI Bondi mainly produces plastic fuel tanks and supporting fuel pipes, air conditioning pipes, radiator pipes and other auto parts. Cooper standard mainly produces seals, fuel and brake pipe systems, fluid transmission systems and shock absorption systems. Norma mainly produces clamps, quick connectors, fasteners, etc.

b. Domestic market competition pattern: The automotive plastic fluid pipeline industry is one of the market segments of the entire automotive parts industry. The number of domestic companies in the same industry is relatively small, and the market share is mainly concentrated in a few large foreign-funded and large state-owned auto parts manufacturers. With the intensification of competition in the vehicle market, the change of policies in automobile related industries, and the acceleration of vehicle upgrading, vehicle manufacturers tend to cooperate with fixed suppliers for a long time in order to reduce the costs of communication, procurement, research and development.

(3) Analysis of main competitors:

① TIFluid Systems. TI Bondi was established in the UK in 2001. Its main products include brake pipes, fuel pipes, fuel tanks, fuel pumps, etc. for automobiles. According to TI Bundy's 2020 annual report, at present, TI Bundy has established 9 wholly-owned subsidiaries and 14 wholly-owned factories in China. In 2020, TI Bondi will achieve an operating revenue of 2.815 billion euros, of which the operating revenue in China accounts for 23% of the total revenue.

② Cooper Standards. Cooper Standards was established in the United States in 1960. At present, Cooper Standards has set up the following organizations in China: the Asia Pacific headquarters of Cooper Standards, the Kunshan factory of Cooper Standards, and factories and research and development bases in Wuhu, Chongqing, Changchun, Jingzhou and other places, mainly engaged in designing, developing and manufacturing shock absorbers, special fasteners for automobiles, seals, automobile operating systems, fuel delivery systems and other products. According to the 2020 annual report of Cooper Standards, the operating revenue of Cooper Standards in 2020 is 2.375 billion US dollars, ranking the top three in the fluid pipeline industry in the world.

③ Yada Automobile Co., Ltd. Founded in 1987, Yada Automobile is a subsidiary of Lingyun Co., Ltd. Its main products include plastic nylon pressure pipe and assembly series, hydraulic pipe and assembly series, polyethylene pipe fittings and supporting machinery series. The subsidiaries of Yada Automobile that produce auto parts include Hebei Yada, Shanghai Yada and Changchun Yada. According to the 2020 annual report of Lingyun Shares, Hebei Yada has an operating income of 1.677 billion yuan and a net profit of 166 million yuan; The operating income of Shanghai Yada was 1.486 billion yuan, and the net profit was 82 million yuan; The operating income of Changchun Yada was 1.12 billion yuan, and the net profit was 102 million yuan. At present, Yada Automobile is one of the largest suppliers of plastic fluid pipes for automobiles in China.

④ Chuanhuan Technology. Chuanhuan Science and Technology (300547. SZ), founded in 2002, is a key high-tech enterprise of the National Torch Plan integrating scientific research, production, sales and self import and export business. It focuses on the research, development, production and sales of automotive rubber hose series products. Its core business is to provide supporting automotive rubber hose products for major automobile manufacturers. Its product range covers fuel system rubber hose, cooling system rubber hose, brake system rubber hose Power steering rubber hose, body accessory system rubber hose, intake and exhaust system rubber hose. Chuanhuan Science and Technology is one of the leading manufacturers of automotive rubber hoses in the domestic market. According to its 2020 annual report, Chuanhuan Science and Technology will have an operating income of 677 million yuan and a net profit of 113 million yuan in 2020.

⑤ Pengling Shares. Pengling Co., Ltd. (300375. SZ), founded in 1988, is a large-scale automobile parts supporting enterprise integrating design, research and development, production and sales. Pengling's main products cover many series such as automobile cooling pipeline assembly, automobile fuel pipeline assembly, automobile air-conditioning pipeline assembly, automobile oil and gas pipeline assembly, etc. According to the 2020 annual report of Pengling Shares, the operating income of Pengling Shares is 1.675 billion yuan, and the net loss is 69 million yuan.

Comparative analysis of main financial data of comparable companies in the same industry